3. A lease agreement that qualifies as a finance lease calls for annual lease payments of $30,000 over a seven-year lease term (also the asset's useful life), with the first payment on January 1, the beginning of the lease. The interest rate is 12%. The lessee's fiscal year is the calendar year. Required: a. What is the amount of the lease liability that the lessee would report in its balance sheet at the end of the first year. x6)X0112=21,600 b. Record the transaction to show the amount of interest payable.